According to the CoinDesk portal, Bitcoin miners have reduced the sending of cryptocurrencies to exchanges for a reason. It is that they hope to sell them at a better price in the coming months. This would explain the drop in daily Bitcoin sales.
Like any commodity, the price of Bitcoin depends on factors such as available volume. In other words, the more BTC is available for sale, the lower its price will be and vice versa. With the reduction in the stock market supply, miners could create a limited supply volume, causing the price of this cryptocurrency to rise.
This explains why, when the charts point to the price rise, miners withhold their BTC, waiting for a price improvement. This fact, for its part, further stimulates this possible increase, explains CoinDesk.
The important thing that emerges from this is that the miners kept the part of the shipments to the exchange portals despite the recovery of Bitcoin. It should be remembered that between March and May, the price of the most popular cryptocurrency went from $ 3,800 to almost $ 10,000.
After halving on May 11, Bitcoin’s price remained at the $ 9,100 and $ 9,900 margins. At the time of writing this article, the price of Bitcoin is around $ 9,200 per piece.
Strong price increase for December
According to several analysts, the price of Bitcoin after the halves tends to skyrocket in the year following the event. In this sense, from the Bloomberg web portal, they predict that, by December 2020, the price of Bitcoin could “challenge” the historical figure of $ 20,000 per unit.
If this happened, it would be confirmed, not only Bloomberg’s analyzes, but also the instincts of the miners. They refused to release the subsidies more than necessary to, as mentioned, cover the necessary operating expenses for their mining centers.
Bitcoin’s price stability is a factor that keeps investors and holders lurking. The low level of volatility is one of the lowest in crypto history. Since March 2010, when Bitcoin’s volatility level reached 0%, such an appeasement period has not been considered as such.